Trustpilot Group plc commences an Equity Buyback Plan for 41,760,082 shares, representing 10% of its issued share capital, under the authorization approved on May 23, 2023.
January 17, 2024 at 02:10 am EST
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Trustpilot Group plc (LSE:TRST) commences share repurchases on January 16, 2024, under the program mandated by the shareholders in the Annual General Meeting held on May 23, 2023. As per the mandate, the company is authorized to repurchase up to 41,760,082 shares, representing 10% of its issued share capital. The minimum price which may be paid for each ordinary share is £0.01 pence and the maximum price which may be paid for each ordinary share is the higher of an amount equal to 105% of the average of the middle market quotations for an ordinary share, as derived from the London Stock Exchange Daily Official List, for the five business days immediately preceding the day on which the ordinary share is purchased and an amount equal to the higher of the price of the last independent trade of an ordinary share and the current highest independent bid for an ordinary share as derived from the London Stock Exchange Trading System. Any shares purchased under this authority may either be cancelled or held as treasury shares. The authority shall expire at the earliest of the conclusion of the next Annual General Meeting, or on August 23, 2024, whichever is earlier. As of April 6, 2023, the company had 417,600,820 ordinary shares in issue and no shares in treasury.
On January 11, 2024, the company announced a share repurchase program. Under the program, the company has entered into an agreement with Joh. Berenberg, Gossler & Co. KG, London Branch to repurchase up to a maximum aggregate consideration (excluding expenses) of £20 million (which would amount to approximately $25 million at prevailing exchange rates) under the program. The sole purpose of the program is to reduce the share capital of the company. The program is expected to be completed during the first half of 2024.
Trustpilot Group plc is a United Kingdom-based company that operates a digital platform that brings businesses and consumers together. The principal activity of the Company and its subsidiaries consists of developing and hosting an online review platform that helps consumers make purchasing decisions and businesses showcase and improve their service. The Company's platform creates a place where businesses and consumers can gain actionable insights and collaborate. Through its platform, consumers can share feedback, at any time, about any business with a Website and review feedback left by other consumers. The platform also gives consumers the opportunity to recommend businesses, products, services, and locations based on their experiences. Its consumers can search for reviews on any business by category and any business with a Website, whether operating online or offline, can receive a review. The Companyâs subsidiaries include Trustpilot Ltd, Trustpilot, Inc., and others.
Trustpilot Group plc commences an Equity Buyback Plan for 41,760,082 shares, representing 10% of its issued share capital, under the authorization approved on May 23, 2023.
TRUSTPILOT GROUP PLC 
